Regular Contributor
Posts: 440
Registered: ‎02-08-2012
Re: Do YOU exaggerate your income when applying?

OwNt wrote:

All you're doing in this example is moving money around every month. If you had $500 deposited from somebody else's checking account on a consistent basis, then it would be a different story.


Can you provide a citation to back up your claims?


I spoke with CITI customer service... I was recently approved for two of their cards and in the future I would like another so I figured I would ask them when I called customer service not long ago regarding a question I had with my cash back.. Anyway,... The gentlemen told me that when you apply you put down ALL sources of income... So, if you have a savings account and you grant yourself a sustained amount of money each month, then that is considered income... like is said before too... if you choose to do this just make sure you are actually doing it and not just saying it for app purposes.. Its the same with an IRA.. once you hit 59 1/2 you start receiving income from your IRA.. which is money you saved up... So, all sources of income are fine as long as you can prove it..


If you are applying for a mortgage... and you have 3 credit cards that lets just say your best friend pays off for you every month.. And your friend has been paying them for you for at least 6 months from his/her account.. then most banks will allow that to be factored in your favor by knocking those cards off of your DTI... They usually just ask for 6 months cancelled checks or bank statements proving the payments were made by them..  Its the same with a credit card app.. As long as you can PROVE you receive the income then all is fair....ALL income can be taken into account... doesn’t mean the income has to be w-2'd... doesn’t mean it has to be from your job... you just have you prove you receive it and that you have been receiving it..

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